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Saudi Aramco is paying $900mn for 50% of PRPC Polymers, a subsidiary of Malaysian state firm Petronas.
The deal appears to be part of a larger agreement signed in February, under which Aramco will spend $7bn to take 50% of the ‘Rapid’ (Refinery and Petrochemical Integrated Development) project under construction at Johor, opposite Singapore.
Rapid will comprise a 300,000 b/d refinery and 3.5mn tons/year of petchems units. Rapid in turn will be part of the Pengerang Integrated Complex (PIC) to also include power generation, LNG regasification and port facilities ( MEES, 3 March ). PRPC Polymers is responsible for polymers plants within the PIC complex.
The original announcement of Aramco’s investment in Rapid did not detail the chemicals units involved. However, besides PRPC Polymers, Petronas Chemicals has subsidiaries intended to produce glycols and elastomers within Rapid, which likewise may now be targets for Aramco.